By: Mahmoud Gamal
Dubai – Mubasher: Analyst said that the UAE markets are likely to continue their steadiness at their current levels on Thursday, amid the increased foreign and some institutional investments on stocks.
The UAE markets are approaching the end of the fluctuating performance and profits gains, which confirms that the shares are at good profit earning ratio (P/E ratio), despite the shock of the negative results of some leading companies, technical analyst, Salem Al Nuwairy, said.
Net foreign and Arab investment exceeded AED 36.73 million, as purchasing output on Wednesday, while net purchases of investment portfolios of both UAE markets reached AED 50.64 million.
Al Nuwairy noted that the steadiness of the UAE markets is backed by the quick transactions happened at the last hour of yesterday's trades, adding that the competitive prices attracted investors to buy stock, such as Emaar, Aldar and Manazel.
On the other hand, technical analyst, Hassan Al Zawy, said that the negative technical indicators around the Dubai Financial Market (DFM) still exist, despite the slight rise seen yesterday above the level of 3,670 points.
The analyst advised traders to be cautious as oil is experiencing important levels while US inventories increase, which represent a weakening factor to the positivity of the OPEC agreement.
Translated by: Sara Ghali
